FIA Law and Compliance

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MIFID II

MIFID II

The recast Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) are the European Commission’s attempt to reform the capital markets, following the effects of the financial crisis, as well as to update the original MiFID, published in 2007, to take account of new features in the marketplace, such as fragmentation, increasing use of algorithms and the predominance of high frequency trading, and the rise of dark pools. MiFID II and MiFIR come into effect on 3 January 2018. FIA has a number of working groups and committees addressing the key aspects of MiFID II as they relate to listed and cleared derivatives - both within EU states, as well as the impact on third-country firms outside of the region.